Yes . Absolutely correct . It is a Judicial Process only. It can not be exercised by Bank at all.
Shah D J
On Tuesday, 17 November 2015 2:18 PM, "neil braganca n_braganca@yahoo.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:
The difference to note is that the auditee is not the one imposing penalties in the case of the COmpanies Act, but it is the legal framework that imposes penalty for negligence. If auditees are permitted to levy penalties, it will most certainly result in this being used as a tool by evil minded and unscrupulous elements to hide their own acts by threatening penalties. Besides, do we have time to argue and take up our cases legally? (this is particularly true in case of small sole practitioners - big firms will use their contacts and hire the best legal brains) Legal cases can run for years disturbing the livelihood of sole proprietors
From: "VCRKK vcramakrishnakumar@yahoo.co.in [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com>
To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
Sent: Tuesday, November 17, 2015 10:05 AM
Subject: Re: Bls: {VASHISHT AMRESH -CCC 21} Penalty on auditors
dont we do company audits because the new company's act imposes penalties.On Monday, 16 November 2015 6:16 PM, "tahara barnaz taharabarnaz86@yahoo.co.id [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:
I want to out from this group. How?
Tanggal:Sen, 16 Nov 2015 pada 18:53 PM
Judul:{VASHISHT AMRESH -CCC 21} Penalty on auditorsTo my view the issue should be how penalty is imposed. If it is judicious we should not have any grudge. It may go to improve our quality.CA J P AGARWAL
BSc; LLB; FCA
Jhansi UPOn 16 Nov 2015 17:01, "VCRKK vcramakrishnakumar@yahoo.co.in [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:
if we are confident of performance why worry about penalties/pits. weather we get zero or a million our focus should be on work/audit. let us do that recognition, respect & reward will come automatically.On Friday, 13 November 2015 4:58 PM, "'caamitjaiswal' jaiswalamitca@gmail.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:
Sorry to say, We all ready to accept assignment with open heart. No question of no acceptance by any of us. Its matter of survival, no one is bothered whether elected or not for members.Regards,CA Amit JaiswalBareilly. 9412190804From: sensitiveadvisor2008@yahoogroups.co.in [mailto:sensitiveadvisor2008@yahoogroups.co.in] On Behalf Of Dipak Shah djshah1944@yahoo.com [sensitiveadvisor2008]
Sent: 13 November 2015 09:54
To: ICAI_CIRC_MEERUT_CA@yahoogroups.com; AAYKARBHAVANGOOGLE; Sensitive Advisor; Company Secretary; C. A. Dipak Jain; CA RUNGTA PD; C. A. Madhusoodan Kakkad.; Yahoo! India; yahoogroups; ThaneCAs@yahoogroups.com; Ajit Shah; CA Maulik Shah; GOOGLE GROUP; Lucknow-ca; Lucknowcs Group; lucknowca.reinvented@yahoo.com; MISSION IS MORE IMPORTANT; ranchi_chartered_accountants@yahoogroups.co; ranchi_cas@googlegroups.com; solapurcas@yahoogroups.com; solapurcas@googlegroups.com; solapurcas@yahoogroups.como; saremal_company@yahoo.co.in; J.V. KARANI; Jignesh Vasavada; C. A. Deep Jain; aaykarbhavan@yahoogroups.com; president@icai.org; Vice President ICAI; secretary@icai.org
Subject: [sensitiveadvisor2008] Re: {VASHISHT AMRESH -CCC 21} Penalty on auditorsThis means that Bank has knowledge that we are not united , also from our alma , they can place any kind of clauses of penalties and others on Auditors while appointing them!!!This is what requires urgent attention for our safety.This e mail is also sent to Our alma at the helm.Shah D JOn Thursday, 12 November 2015 8:13 PM, "CA Rakesh Gupta rk.ca1970@gmail.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:HA HA..............We are dealing with this kind of absurd penalties from OBC , Ludhiana from since one year. we have conveyed this to CC members and now they dont listen. and turn a deaf ear to our complaint.They ( Bank) has find a unique way to release their frustration and made us a guinea pig for this. They openly say if you dont want to do this leave this assignment.Even more, they have started giving notice to CA Firm for various non compliances with a threat that they would terminate the audit if same is not complied with.And to fool us ( CA ) in qrtly meeting they discuss the BANK CASH RETENTION LIMIT for 50 branches, without single miss with CA.I couldnot understand how CASH RETENTION limits is associated with CA concurrent audit ,except that we have to mention the no of times cash retention limit exceeded in a qtr. So, making us foolish.On Thu, Nov 12, 2015 at 11:55 AM, neil braganca n_braganca@yahoo.com [ICAI_CIRC_MEERUT_CA] <ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:The auditors will be at the receiving end of this scheme.First and foremost the deductions will be made upfront just like banks do in the case of bank charges - no opportunity to represent your case before deduction is made.Secondly, there is no reference to remunerating auditors for time and efforts they have diligently put in. The fees may not cover the actual time and effort in areas where no lacunae have been found.Third, this could be a tool in the hands of the management to threaten the auditors with penalties if they do not comply with what the management tells them to do/ report.Fourth, it would force the auditors to seek the good favour of and to maintain good relationships with the bank staff and management to ensure no penalties are levied. This goes against the fundamental requirement of Independence of auditors. This point is critical and could defeat the entire purpose of having concurrent audits done.This is a very unfortunate situation.RegardsCA N Braganca
From: "Deepak Gadgil gadgildeepak2000@yahoo.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com>
To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
Sent: Wednesday, November 11, 2015 9:55 PM
Subject: Re: {VASHISHT AMRESH -CCC 21} Penalty on auditorsThis might be only the beginning you can not change this by institutional lobbying....If you try to do it mind you. ...It may amount to self distructionPerform or Perish is the Rule world over. ...why protest when you are asked to follow this rule. ....If you are thinking that our Profession is above the rule. ...U must be dreaming. ...If you don't agree. ...Don't be part of it. ...its that simpleOn Wed, Nov 11, 2015 at 20:53, Gopathy Padmanabhan pgopathy@rocketmail.com [ICAI_CIRC_MEERUT_CA]<ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:Why should anyone apply for this kind of audits, unless he/she is happy about full time slavery?G. Padmanabhan
From: "Ramachandran Mahadevan ramachandran.mahadevan@gmail.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com>
To: "ICAI_CIRC_MEERUT_CA@yahoogroups.com" <ICAI_CIRC_MEERUT_CA@yahoogroups.com>
Cc: ludhiana-ca@googlegroups.com
Sent: Wednesday, November 11, 2015 7:46 PM
Subject: {VASHISHT AMRESH -CCC 21} Penalty on auditorsDear Members,Penalties on auditorsBy Acts, Rules and RegulationsAre greatest.No individual bank or companyShould add penalties as thoughIt is a contract with contractors.24 hours 365 days at all locationsBy all employees from top to bottomHave impact on financial statements.Truth is not revealed fully and fairlyTo auditors from top to bottomICAI should take up immediatelyFor justice to the auditors.Ramachandran M
Sent from my iPad
On Nov 11, 2015, at 18:51, "neil braganca n_braganca@yahoo.com [ICAI_CIRC_MEERUT_CA]"<ICAI_CIRC_MEERUT_CA@yahoogroups.com> wrote:The ICAI should protest strongly against penalty clauses. Do the banks have the same penalties for the staff who make these errors? If not, why penalise auditors.It also appears highly unfair to penalise CAs for such lacunae which may be deliberately done by staff who have an in-depth knowledge of the banking systems and know all these areas of weakness and who deliberately keep silent about them or are ignored by superiors.The audit fees and the work involved are hardly commensurate with each other. ICAI should push for fees as per the recommended scale of fees. Also, the fee must be fixed separately for each branch based on the workload in all areas of the branch and not solely fixed on the basis of advances. For example a branch may have low advances but huge deposits.RegardsCA N Braganca
From: "'saranfca .' saranfca@gmail.com [ICAI_CIRC_MEERUT_CA]" <ICAI_CIRC_MEERUT_CA@yahoogroups.com>
To: ICAI_CIRC_MEERUT_CA@yahoogroups.com
Sent: Tuesday, November 10, 2015 10:29 PM
Subject: {VASHISHT AMRESH -CCC 21} Empanelment of CAs with State Bank of Hyderabad
EMPANELMENT OF CHARTERED ACCOUNTANTS FOR CONCURRENT AUDITProposals are invited from eligible Chartered Accountant Firms/ Companies/ LLP for empanelment to conduct Concurrent Audit of our branches.Applications completed in all respect should reach us on or before 20-11-2015 by 3.00 P.M.at Inspection Department, Head Office, Gunfoundry, Hyderabad.For eligibility criteria, detailed terms & conditions and Application forms etc. please click here:
with regards,---I believe in three "H"s of life - Humour, Hard work and Honesty
--Rakesh
***** In serch for Divine ******
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Posted by: Dipak Shah <djshah1944@yahoo.com>
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